These were the best performing ASX 200 shares last week

Metcash Limited (ASX:MTS) and NIB Holdings Limited (ASX:NHF) shares were amongst the best performers on the ASX 200 last week…

a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Last week the S&P/ASX 200 Index (ASX: XJO) was out of form again. Concerns over the coronavirus outbreak led to the benchmark index falling a disappointing 722.7 points or 13.1% lower to 4,816.6 points.

Not all shares tumbled lower last week, though. Here's why these ASX 200 shares were the best performers on the index:

The Metcash Limited (ASX: MTS) share price was the best performer on the index last week with a gain of 30.5%. Investors were buying the wholesaler and distributor's shares last week on the belief that it is benefiting from the coronavirus related panic buying which has been sweeping Australia. Its shares were also given a boost from a broker note out of UBS. It upgraded its shares to a buy rating with a $2.90 price target.

The NIB Holdings Limited (ASX: NHF) share price was on form and surged 24.2% higher last week. This was despite there being no news out of the private health insurer. However, investors may believe that NIB will be benefiting from lower claims because of the coronavirus outbreak. For the same reason analysts at Credit Suisse upgraded its rival Medibank Private Ltd (ASX: MPL) to an outperform rating.

The Nufarm Limited (ASX: NUF) share price was a strong performer and recorded a 19.5% gain last week. This appears to have been driven by bargain hunters snapping up shares after a very sharp drop during February and March. In addition to this, improving weather conditions may be supporting the agricultural chemicals company. It was negatively impacted by the droughts in 2019.

The Gold Road Resources Ltd (ASX: GOR) share price recorded a solid gain of 11.7% last week. After a sharp share price decline a week earlier, investors were back buying the gold miner's shares last week. This appears to have been driven by a broker note out of Macquarie. It slapped an outperform rating and $1.30 price target on its shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended NIB Holdings Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

A couple sits on a sofa, each clutching their heads in horror and disbelief, while looking at a laptop screen.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors endured a rough Friday to close the trading week today.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Pointsbet, Qantas, Serko, and Yandal shares are pushing higher today

These shares are avoiding the market selloff today. But why?

Read more »

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best performing ASX 200 shares in October

Did you own the best performers on the index last month? Here they are.

Read more »

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors copped another rough session this Thursday.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Mineral Resources share price rockets 16% on $1.1 billion news!

ASX 200 investors appear thrilled with Mineral Resources' latest news.

Read more »

Shot of a young businesswoman looking stressed out while working in an office.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing Wednesday session for ASX investors today...

Read more »

Hiker man backpacker with hands up in the summer mountains with cloudy sky.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors enjoyed anther positive session this Tuesday.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Firefly, Premier Investments, Serko, and Zip shares are roaring higher today

These shares are catching the eye with strong gains on Tuesday. But why are they rising?

Read more »